Novelis, a division of the world’s largest rolled aluminum producer Adatiya Birla Hindalco, has completed the sale of its North American consumer foil products business to Reynolds Consumer Products LLC for $33.75 million.
The transaction includes foil manufacturing plants in Toronto, Ont., and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, Que.; Mississauga, Ont.; and LaGrange, Ga.
“Our growth plan at Novelis is focused on expanding our recycling leadership and providing premium rolled aluminum products in the automotive, beverage cans, light gauge and specialties markets,” said Marco Palmieri, Senior Vice President of Novelis and President of Novelis North America. “The consumer foil products business, while successful, is not aligned with this strategy.”
The aluminum 3-month price saw a 0.7 percent drop on the LME on Wednesday, July 2, landing at $1,870 per metric ton and making it the biggest mover of the day. The cash price of primary aluminum weakened by 0.7 percent on the LME, settling at $1,837 per metric ton. The cash price of primary Indian aluminum gained 0.4 percent to finish at INR 114.65 ($1.91) per kilogram.
Chinese aluminum prices were flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,976) per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,192) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,290) per metric ton for the fifth day in a row. The Chinese aluminum cash price saw little change in its price on Wednesday at CNY 13,310 ($2,147) per metric ton.